John Templeton hated the contrarian claim “this time it’s different”. The US investor would have disapproved of fund manager BlueBay betting that Japanese government bond yields will jump.
This dangerous vote of no confidence in the policies of the Bank of Japan is known as “the widow maker trade”. But the sharpest surge in inflation in four decades puts bond vigilantes on a stronger footing.
The Federal Reserve and the European Central Bank are raising interest rates to attack inflation, The US central bank is increasingly likely to increase by 0.75 per cent to 1.5-1.75 per cent. That makes the BoJ an outlier. It has continued to cap yields of longer-dated 10-year JGBs at 0.25 per cent.
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